Effective as of August 5, 2015, ZaZa Energy Corporation entered into Amendment No. 10 to the Senior Secured Notes Purchase Agreement (Amendment No. 10), which permits the Company to issue additional Senior Secured Notes in an aggregate principal amount not to exceed $500,000.

Amendment No. 10 required that any such additional note would be issued solely for cash in an amount equal to 100% of the principal amount of the notes. In accordance with Amendment No.

10, effective as of August 5, 2015, the Company issued an aggregate of $340,000 in principal amount of additional Senior Secured Notes (the August 2015 Notes) in equal amounts to Jubalee Ltd. (an affiliate of John E. Hearn, Jr., a director of the Company) and $187,000.00 to Todd A. Brooks, the Company's Executive Director, President and Chief Executive Officer. Each of the purchasers of the August 2015 Notes also entered into a Supplement to Securities Purchase Agreement, each dated as of August 5, 2015 (each, a Supplement), under which the note purchaser agreed to be bound by and to comply with the terms and provisions of the Senior Secured Notes Purchase Agreement in connection with the issuance of the August 2015 Notes. Mr. Brooks and Jubalee Ltd. also executed joinders (the Collateral Agency Agreement Joinders) to that Collateral Agency Agreement, dated as of February 21, 2012 (the Collateral Agency Agreement), among U.S. Bank, the Company, its domestic subsidiaries and the Purchasers.

The terms of the August 2015 Notes are identical to the terms of the currently outstanding Senior Secured Notes. Thus, the August 2015 Notes bear interest at a rate of 10.00% per annum, mature on February 21, 2017, are guaranteed by all of subsidiaries and are secured by a first-priority lien on substantially all of assets and those of domestic subsidiaries. To the extent such assets include stock of any foreign subsidiaries, only 65% of such foreign subsidiary stock is to be pledged as security for the August 2015 Notes.

The August 2015 Notes (along with the Senior Secured Notes) rank senior to all of other debt and obligations.